E-commerce: The Future for Shopping (And What it Means for You)
Intro to E-commerce ?
Everyone at one point or another has stumbled across or interacted with e-commerce. Whether you are mindlessly browsing through Amazon looking for the next pair of headphones or clicking through a local art store’s shop looking for painting supplies, almost every person will have at one point purchased or looked through an online shop.?
The way I would describe e-commerce, it’s essentially: the selling and buying of products or services online. Any sort of transaction involving the sending of funds or data over the internet. There are lots of other terms to refer to e-commerce, like e-business but at the root of it, it's any purchase or transaction done online. This can look like B2C (business to customer) or B2B (business to business) and just about anyone can participate in e-commerce on their own or other platforms.?
Keeping Up with E-Commerce?
We have seen such a big boom in e-commerce, the best example of this is Amazon. The way that there has been an incredible growth in online retail through platforms like Amazon and eBay. This is because there are so many advantages to e-commerce. The reason we see malls shutting down is because e-commerce allows so much convenience to consumers. I mean, if you can shop from your phone or device without getting up from bed, then there isn’t so much of a desire to commute to your nearest retail store. ?
Other advantages like:?
With these, e-commerce has blossomed into a powerhouse, allowing people to shop whenever they want, without the typical constraints of a brick-and-mortar store with opening and closing hours. If your customers are unable to physically visit your store, having an online space for them can help keep buying from your business. Having internet access can open consumers to so many options online. With e-commerce it can open up to provide so many more products and services.?
领英推荐
There are disadvantages to e-commerce though. As with anything online, there aren’t tangible ways to interact with the products you’re looking at. Some products like clothing for example, require some level of trial, like putting on the clothing item to see if it fits. Shopping online doesn’t have the capability to create a similar experience. While measurements and size guides try to combat that issue, shops still can’t guarantee satisfaction with the product.?Other factors like site crashes or late shipping happen with e-commerce. When something like that happens, it can deter customers a little bit from participating.
E-Commerce Trends?
E-commerce trends continuously develop and incorporate new technologies. Things that enhance the experience and also give way to new trends like incorporating augmented reality (AR) or enhancing customer relationship management (CRM). Other things like:
From what I saw online, things like the rise in AI and AR technologies will be remarkable in helping these online shopping experiences. AR technologies are currently boosting customers' purchasing confidence by allowing them to view and examine products in their spaces. For those looking to improve their customer's online shopping experience, using AI in chat bots that can assist a customer navigate your site. AI can also help play a big role in personalization. With the rise in AR technology, as it's growing at a ten-year CAGR of 41.1%, it's expected to reach $856.2 billion by 2031, businesses can use it to help with e-commerce efforts. This can look like a furniture business incorporating AR to allow customers to closely view and display furniture in their house to figure out how it fits or looks in their homes.
Conclusion
While brick-and-mortars will stick around for a long while, and e-commerce won't replace the in-person shopping experience, learning how it works can really push your business forward. Providing accessibility, delivery to a customer's doorstep, and creating new streams of revenue for your business.